LE WATERLOO: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
LE WATERLOO
Largest movements
- Cash +€23,159
new in 2025: €23,159
mainly Current investments (+€23,037) and Other debts (+€14,732)
- Current investments -€23,037
no longer reported in 2025 (was €23,037)
- Receivables within one year -€4,088
no longer reported in 2025 (was €4,088)
- Stocks and contracts -€2,009
down €2,009 (-25.9%), from €7,768 to €5,759
- Tangible fixed assets -€1,104
down €1,104 (-25.7%), from €4,293 to €3,189
of which Plant, machinery and equipment: -€1,747
- Profit (loss) carried forward -€27,208
down €27,208 (-73.5%), from -€37,003 to -€64,211
- Other debts +€14,732
up €14,732 (+1597.9%), from €922 to €15,654
- Tax, wage and social debts +€6,868
up €6,868 (+58.3%), from €11,778 to €18,646
of which Taxes: +€5,386
- Trade debts -€1,471
down €1,471 (-65.8%), from €2,234 to €763
- Turnover -€339,067
no longer reported in 2025 (was €339,067)
- Purchases and services -€241,953
no longer reported in 2025 (was €241,953)
- Gross operating margin -€26,115
down €26,115 (-26.1%), from €100,158 to €74,043
- Staff costs +€9,791
up €9,791 (+11.2%), from €87,649 to €97,440
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €39,431 | €32,352 | -€7,079 | -18.0% |
| Fixed assets | 21/28 | €4,538 | €3,434 | -€1,104 | -24.3% |
| Tangible fixed assets | 22/27 | €4,293 | €3,189 | -€1,104 | -25.7% |
| Plant, machinery and equipment | 23 | €3,518 | €1,771 | -€1,747 | -49.7% |
| Furniture and vehicles | 24 | €775 | €1,419 | +€644 | +83.1% |
| Financial fixed assets | 28 | €245 | €245 | -€0 | -0.1% |
| Current assets | 29/58 | €34,893 | €28,918 | -€5,975 | -17.1% |
| Stocks and contracts in progress | 3 | €7,768 | €5,759 | -€2,009 | -25.9% |
| Stocks | 30/36 | €7,768 | €5,759 | -€2,009 | -25.9% |
| Amounts receivable within one year | 40/41 | €4,088 | - | -€4,088 | |
| Trade receivables | 40 | €4,088 | - | -€4,088 | |
| Current investments | 50/53 | €23,037 | - | -€23,037 | |
| Cash at bank and in hand | 54/58 | - | €23,159 | +€23,159 | |
| Total equity and liabilities | 10/49 | €39,431 | €32,352 | -€7,079 | -18.0% |
| Equity | 10/15 | €24,497 | -€2,711 | -€27,208 | |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,003 | -€64,211 | -€27,208 | -73.5% |
| Amounts payable | 17/49 | €14,934 | €35,063 | +€20,129 | +134.8% |
| Amounts payable within one year | 42/48 | €14,934 | €35,063 | +€20,129 | +134.8% |
| Trade debts | 44 | €2,234 | €763 | -€1,471 | -65.8% |
| Suppliers | 440/4 | €2,234 | €763 | -€1,471 | -65.8% |
| Taxes, remuneration and social security | 45 | €11,778 | €18,646 | +€6,868 | +58.3% |
| Taxes | 450/3 | €230 | €5,616 | +€5,386 | +2341.7% |
| Remuneration and social security | 454/9 | €11,548 | €13,030 | +€1,482 | +12.8% |
| Other amounts payable | 47/48 | €922 | €15,654 | +€14,732 | +1597.9% |
| Turnover | 70 | €339,067 | - | -€339,067 | |
| Goods, raw materials, services and sundry goods | 60/61 | €241,953 | - | -€241,953 | |
| Remuneration, social security and pensions | 62 | €87,649 | €97,440 | +€9,791 | +11.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,256 | €2,249 | -€1,007 | -30.9% |
| Other operating charges | 640/8 | €1,083 | €989 | -€94 | -8.7% |
| Gross operating margin | 9900 | €100,158 | €74,043 | -€26,115 | -26.1% |
| Operating profit (loss) | 9901 | €8,170 | -€26,634 | -€34,804 | |
| Financial income | 75/76B | €23 | €39 | +€16 | +69.9% |
| Recurring financial income | 75 | €23 | €39 | +€16 | +69.9% |
| Financial charges | 65/66B | €2,650 | €613 | -€2,037 | -76.9% |
| Recurring financial charges | 65 | €2,650 | €613 | -€2,037 | -76.9% |
| Profit (loss) for the period before taxes | 9903 | €5,543 | -€27,208 | -€32,751 | |
| Profit (loss) for the period | 9904 | €5,543 | -€27,208 | -€32,751 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,543 | -€27,208 | -€32,751 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.